Rhumbline Advisers increased its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 11.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 245,734 shares of the data storage provider's stock after acquiring an additional 25,869 shares during the period. Rhumbline Advisers owned approximately 0.12% of Seagate Technology worth $20,875,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Capital Research Global Investors lifted its stake in Seagate Technology by 56.5% in the 4th quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock valued at $1,348,262,000 after buying an additional 5,640,443 shares in the last quarter. Vanguard Group Inc. lifted its stake in Seagate Technology by 6.9% in the 4th quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider's stock valued at $2,414,446,000 after buying an additional 1,814,821 shares in the last quarter. Marshall Wace LLP purchased a new position in Seagate Technology in the 4th quarter valued at about $77,341,000. Junto Capital Management LP purchased a new position in Seagate Technology in the 4th quarter valued at about $60,303,000. Finally, Janus Henderson Group PLC lifted its stake in Seagate Technology by 2,853.4% in the 4th quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider's stock valued at $57,925,000 after buying an additional 648,257 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts recently weighed in on the stock. UBS Group raised their price target on shares of Seagate Technology from $80.00 to $85.00 and gave the company a "neutral" rating in a research note on Wednesday, April 30th. Bank of America raised their price target on shares of Seagate Technology from $125.00 to $135.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. BNP Paribas Exane raised shares of Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 target price on the stock in a research note on Friday, May 16th. Morgan Stanley raised their target price on shares of Seagate Technology from $99.00 to $140.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Finally, Wedbush reissued an "outperform" rating and issued a $140.00 target price on shares of Seagate Technology in a research note on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, Seagate Technology presently has an average rating of "Moderate Buy" and a consensus price target of $118.89.
Read Our Latest Stock Report on STX
Seagate Technology Stock Performance
STX stock opened at $126.97 on Friday. The firm has a market cap of $26.95 billion, a PE ratio of 23.21 and a beta of 1.40. The firm's 50 day moving average price is $93.33 and its 200-day moving average price is $94.16. Seagate Technology Holdings plc has a one year low of $63.19 and a one year high of $129.96.
Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.75 by $0.15. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same quarter in the previous year, the company earned $0.33 EPS. The business's revenue for the quarter was up 30.5% compared to the same quarter last year. Equities research analysts predict that Seagate Technology Holdings plc will post 6.83 EPS for the current fiscal year.
Seagate Technology Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be issued a $0.72 dividend. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 annualized dividend and a yield of 2.27%. Seagate Technology's dividend payout ratio (DPR) is presently 41.62%.
Seagate Technology declared that its board has approved a stock buyback program on Thursday, May 22nd that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the data storage provider to reacquire up to 21.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.
Insider Activity at Seagate Technology
In related news, Director Michael R. Cannon sold 24,190 shares of Seagate Technology stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $119.00, for a total value of $2,878,610.00. Following the completion of the sale, the director now owns 10,835 shares in the company, valued at approximately $1,289,365. This trade represents a 69.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the completion of the sale, the chief executive officer now owns 555,677 shares of the company's stock, valued at $46,988,047.12. This trade represents a 3.47% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 335,251 shares of company stock worth $38,760,472. Insiders own 0.81% of the company's stock.
About Seagate Technology
(
Free Report)
Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.
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